Core Viewpoint - The integration of 5G and industrial internet is crucial for expanding the large-scale application of 5G, facing challenges such as high costs and fragmented demand across various industries [3][4]. Group 1: 5G and Industrial Internet Integration - The deep integration of 5G and industrial internet is essential for expanding 5G applications, currently facing challenges in cost and demand matching [3][4]. - High costs associated with 5G network construction and equipment upgrades pose a significant burden, especially for small and medium-sized enterprises [3]. - The current "5G + industrial internet" applications primarily address common needs, lacking sufficient alignment with the unique demands of different industries [3]. Group 2: 5G-A Development and Its Implications - 5G-A is a key transitional phase towards 6G, enhancing network bandwidth and providing valuable insights for future 6G development [5]. - The development of 5G-A has led to the emergence of new application scenarios, indicating that 6G should focus on deeper integration with vertical industries [5]. - The emphasis on industry collaboration in 5G-A development highlights the need for a robust ecosystem to support 6G advancements [5]. Group 3: AI for Industry Trends - AI for Industry is expected to experience rapid growth, integrating with 5G-A and industrial internet to create a comprehensive intelligent system [9][10]. - The expansion of AI applications is moving from a few leading sectors to broader industries, enhancing production efficiency and reducing costs [9][10]. - Key issues for the information and communication industry include data quality and security, computational power support, standardization, and talent cultivation [10][11]. Group 4: Challenges in AI Model Development - The transition from general AI models to specialized industry applications faces challenges such as data barriers, algorithm precision, and scene adaptation [10][11]. - Data governance is prioritized to address the scarcity of high-quality datasets, utilizing proprietary tools for data cleaning and transformation [10][11]. - Collaboration with industry partners is essential for developing benchmark applications and optimizing models through practical scenarios [12].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年6月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 中國移動有限公司 | | | 呈交日期: | 2025年7月7日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 (A). 股份期權（根據發行人的股份期權計劃） | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號(如上市) | 00941 | | 說明 | 香港股份 | | | | | | | 多櫃檯證券代號 | 80941 | RMB | 說明 | 香港股份 | | | | | | | 股份期權計劃詳情 | 上月底結存的股份期權數 | | 本月內變動 | | 本月底結存的股份期權數 | 本月內因此發行的新股數 | 本月内因此自庫存轉讓的 ...

Core Viewpoint - The China Securities Hong Kong 300 Modern Services Index has shown positive performance, with a year-to-date increase of 16.86% and a recent monthly rise of 0.97% [1] Group 1: Index Performance - The China Securities Hong Kong 300 Modern Services Index closed at 1643.39 points [1] - The index has increased by 2.72% over the past three months [1] - The index is based on a sample of securities selected from the China Securities Hong Kong 300 Index, reflecting the overall performance of various thematic securities listed on the Hong Kong Stock Exchange [1] Group 2: Index Holdings - The top ten weighted stocks in the index include Tencent Holdings (17.49%), Alibaba-W (10.97%), HSBC Holdings (9.09%), and others [1] - The index's holdings are entirely composed of securities listed on the Hong Kong Stock Exchange, with a 100% allocation [1] Group 3: Industry Composition - The industry composition of the index shows that finance accounts for 36.84%, communication services for 27.93%, and consumer discretionary for 21.51% [2] - Other sectors include real estate (4.95%), utilities (3.59%), industrials (2.16%), healthcare (1.74%), and information technology (1.29%) [2] Group 4: Sample Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Special circumstances may lead to temporary adjustments, and companies that are delisted will be removed from the index [2]

Investment Rating - Industry rating: Recommended [6] Core Insights - The GB300 is expected to start volume production in the second half of the year, with significant advancements in AI performance and capabilities [1][8] - The central government emphasizes high-quality development of the marine economy, with wind power generation rapidly increasing, accounting for over 12% of total power generation [2][10] - There is a strong growth in overseas AI demand, particularly from new enterprises, driving high capital expenditure in AI [3][14] Summary by Sections GB300 Launch - CoreWeave announced the first market delivery of the NVIDIA GB300 NVL72, featuring advanced AI performance with over exaflop capabilities and significant improvements in user response speed and throughput [1][8] Marine Economy Development - The central government is focusing on enhancing the marine economy through policy support and encouraging social capital participation, with wind power generation capacity rapidly increasing [2][10] Investment Recommendations - The report recommends focusing on the AI capital expenditure and related sectors, highlighting the growth potential in the optical module industry and PCB supply chain [3][14] - Specific beneficiary stocks include NewEase, Zhongji Xuchuang, and Tianfu Communication in the optical module sector, and China Telecom, China Mobile, and China Unicom in the telecommunications sector [3][16][17] - The marine economy sector is also highlighted, with companies like Zhongtian Technology and Hengtong Optic-Electric being potential beneficiaries [4][15]

Group 1 - The core message of the news is that the city of Qingyang in Gansu province is actively promoting investment opportunities through a diverse range of projects, aiming to enhance its economic development and attract businesses [1][2]. - Qingyang has introduced a comprehensive investment menu that includes 194 key projects across five sectors: fine chemicals, digital economy, low-altitude economy, modern agriculture, and cultural tourism integration [1]. - During the 31st Lanzhou Investment and Trade Fair, Qingyang signed 62 contracts with a total value of 1,033.98 billion yuan, indicating strong interest from investors [1]. Group 2 - Qingyang is strategically positioned as a hub for major national resource allocation projects, including the West-to-East Gas Transmission and the East-to-West Data Calculation initiatives [2]. - The city is focusing on developing four trillion-yuan industrial chains: comprehensive energy, oil-coal chemical, digital economy, and equipment manufacturing, along with four hundred-billion-yuan industrial chains in modern agriculture, cultural tourism, healthcare, and green environmental protection [2]. - In 2024, Qingyang aims to achieve the highest satisfaction rate for the business environment among investment enterprises in Gansu, positioning itself as a key growth area for the province [2]. Group 3 - The digital economy is identified as a new growth area for Qingyang, with the data center cluster reaching a scale of 31,000 racks and a computing power exceeding 66,000 PetaFLOPS [2]. - The China Mobile (Gansu·Qingyang) data center, a key project from the 29th Lanzhou Fair, has a computing capacity of over 30,000 PetaFLOPS, setting a benchmark for future projects [2]. - The successful signing of projects in various sectors, including a 100,000-ton immersion cooling liquid manufacturing base and a low-altitude economy entrepreneurship park, is expected to inject strong momentum into Qingyang's development [5].

浪潮集团、中国移动通信集团等企业负责人感谢自治区党委、政府对各自企业在桂发展给予的大力 支持，分别介绍了在人工智能领域发展以及与广西合作规划情况，表示广西是中国面向东盟开放合作的 前沿和窗口，区位优势明显，发展前景广阔，对布局广西充满信心。将充分发挥各自企业技术、人才和 资源等优势，全面落实好此次签署的合作协议，聚焦人工智能技术应用推广和赋能千行百业，共同推进 人工智能、云计算等领域务实合作，积极参与中国—东盟人工智能创新合作中心建设和第22届东博会、 峰会，更好助力广西经济社会高质量发展。 陈刚、韦韬代表自治区党委、政府对各企业积极响应广西人工智能产业发展战略布局、深化与广西 合作表示欢迎，对相关企业关心支持广西发展表示感谢。陈刚表示，人工智能时代大幕已拉开，广西已 经站在人工智能发展的舞台上，迎来了历史最好发展时期，正深入贯彻落实习近平总书记关于人工智能 的重要论述和关于广西工作论述的重要要求，抢抓国家实施人工智能能力建设普惠计划等重大机遇，突 出策略、整合、场景，协力打造"北上广研发+广西集成+东盟应用"的人工智能发展路径，加快建设中 国—东盟人工智能创新合作中心，筹备举办首届人工智能赋能千行百业大赛， ...

Core Viewpoint - In the digital economy era, data is transforming from an intangible resource into a measurable, tradable, and manageable asset, becoming a new member of corporate balance sheets [1] Group 1: Data Asset Integration - Over 90 listed companies have integrated data assets into their 2024 annual reports, with a total scale of 2.495 billion yuan, compared to only 0.079 billion yuan from 17 companies in the first quarter of 2024 [1] - The integration of data assets into financial statements is reshaping the balance sheets of listed companies, with significant representation from the industrial and information technology sectors [2] - The first companies to integrate data assets include major telecom operators like China Mobile, China Telecom, and China Unicom, along with industrial firms such as Xiaoshangpin City, YTO Express, and Yunda Holdings [3] Group 2: Steps for Data Asset Integration - The process for a company to integrate data assets into its financial statements typically involves four steps: inventory of data assets, governance of data for integration, confirmation of data ownership, and measurement for accounting [4][5] - Companies must meet specific conditions for data asset integration, including legal control, predictable economic benefits exceeding 50%, and measurable costs [5][6] Group 3: Challenges and Considerations - Not all companies can smoothly integrate data assets due to policy restrictions, corporate concerns, and the current lack of a valuation system [1][10] - Common challenges include legal risks in data ownership, unclear data management processes, and discrepancies between expected and actual valuations [10][11] - The integration of data assets is not the end point but a starting point for value reconstruction, requiring clear data ownership and valuation systems to gain recognition from financial institutions [14] Group 4: Financial Implications - Integrating data assets can enhance a company's financial statements by capitalizing expenses, which may lead to increased short-term profits but could result in profit fluctuations in the long term due to amortization [12][13] - The potential for data asset depreciation and the subjective nature of data valuation can introduce uncertainties in financial reporting [17][18]

Core Insights - On July 4, 2025, Guotai Junan International (01788), Alibaba-W (09988), and SMIC (00981) were the top three stocks by trading volume in the Southbound Stock Connect, with trading amounts of 10.714 billion, 3.571 billion, and 3.184 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Guotai Junan International (01788), Alibaba-W (09988), and Xiaomi Group-W (01810) also led the trading volume, with amounts of 3.641 billion, 3.489 billion, and 2.435 billion respectively [1] Southbound Stock Connect (Shanghai-Hong Kong) - Top active companies by trading volume: - Guotai Junan International (01788): 10.714 billion, net buy of 91.5226 million [2] - Alibaba-W (09988): 3.571 billion, net sell of 334 million [2] - SMIC (00981): 3.184 billion, net buy of 37.2 million [2] - Xiaomi Group-W (01810): 3.087 billion, net sell of 370 million [2] - Meituan-W (03690): 2.379 billion, net sell of 270 million [2] - China Construction Bank (00939): 2.120 billion, net buy of 168 million [2] - XPeng Inc. (09868): 2.108 billion, net buy of 919 million [2] - Tencent Holdings (00700): 1.900 billion, net sell of 145 million [2] - CanSino Biologics (09926): 1.674 billion, net sell of 95.5519 million [2] - Dmall (02586): 1.249 billion, net buy of 30.1596 million [2] Southbound Stock Connect (Shenzhen-Hong Kong) - Top active companies by trading volume: - Guotai Junan International (01788): 3.641 billion, net buy of 50.5414 million [2] - Alibaba-W (09988): 3.489 billion, net sell of 1.153 billion [2] - Xiaomi Group-W (01810): 2.435 billion, net sell of 443 million [2] - SMIC (00981): 1.969 billion, net buy of 39.6 million [2] - Tencent Holdings (00700): 1.777 billion, net sell of 28.7313 million [2] - CanSino Biologics (09926): 1.675 billion, net buy of 19.5 million [2] - Meituan-W (03690): 1.660 billion, net buy of 96.5584 million [2] - XPeng Inc. (09868): 1.480 billion, net sell of 462.813 million [2] - Innovent Biologics (01801): 819 million, net buy of 18.2291 million [2] - China Mobile (00941): 622 million, net buy of 47.7507 million [2]

Core Viewpoint - The appointment of Chen Hongtao as the chairman of China Mobile Jiutian Company reflects China Mobile's strategic move to establish a subsidiary focused on artificial intelligence [1][3]. Group 1: Appointment and Background - Chen Hongtao has been appointed as the chairman of China Mobile Jiutian Company, which is a newly established subsidiary focused on artificial intelligence [1][3]. - Chen Hongtao is a prominent figure within China Mobile, known for his rapid career advancement and technical expertise [3][4]. - He graduated from Peking University, making him one of the few mid-to-senior level executives in the three major telecom operators with such an educational background [4]. Group 2: Career Progression - Chen began his career at China Mobile in the network department, where he held various positions, including department manager [4]. - He was promoted to Vice General Manager of Gansu Mobile in 2014, overseeing network operations [4]. - After serving as Vice General Manager of Zhejiang Mobile, he was appointed General Manager of the newly established Information Innovation Department in 2022, which focuses on data and network security [4]. - In 2023, he transitioned to the role of General Manager of the Technology Department, which is now known as the Science and Technology Innovation Department [4]. - His recent appointment as chairman of China Mobile Jiutian Company marks his third significant technical leadership role within a span of less than three years [4]. Group 3: Strategic Importance - China Mobile Jiutian Company is dedicated to the artificial intelligence sector, which is currently a highly prioritized area within the industry [4]. - The decision to appoint Chen, a representative of technical talent, underscores the importance of management experience and technical expertise in leading this specialized subsidiary [4].

Core Insights - The integration of artificial intelligence (AI) with mobile communication is expanding the boundaries of the information and communication industry, leading to new growth opportunities [1][2][3] - The development of AI technologies and their applications in various sectors, including telecommunications, is rapidly evolving, with significant advancements in smart devices and services [2][3][4] Industry Developments - In the first five months of this year, telecommunications revenue in China reached 748.8 billion yuan, marking a 1.4% year-on-year increase, driven by the growth of 5G and gigabit optical networks [1] - The number of 5G base stations in China reached 4.486 million by the end of May, accounting for 35.3% of all mobile base stations, with 5G mobile phone users totaling 1.098 billion, representing 60.8% of mobile phone users [7][8] Technological Innovations - The Shanghai World Mobile Communication Conference showcased various AI-driven technologies, including humanoid robots, electronic guide dogs, and smart connected vehicles, highlighting the transformative impact of AI on daily life [2][5][6] - China has developed 433 large models for AI applications, emphasizing the country's advancements in open-source, low-cost, and high-efficiency AI solutions [3] Future Trends - The concept of "carbon-silicon fusion" is emerging, where AI technologies are expected to enhance the integration of energy and information, leading to new forms of intelligent life and societal roles [4][6] - The telecommunications industry is transitioning towards a more integrated network that combines satellite and ground networks, enhancing overall connectivity and enabling advanced applications such as immersive XR and industrial automation [8]